The sector that has been overlooked from the onset of the COVID-19 pandemic that no one is talking about is… (drumroll please) Cannabis.
We are all in agreement that people are largely staying-at-home more than they have ever done in recent times. The tech stocks are up. The e-commerce stocks are up. The travel and hospitality stocks are down. These trends make sense. But it also makes sense that people are using more marijuana – recreationally and medicinally.
We have stats to back that fact up. Take the state of Florida for example: Sales of smokable cannabis products are up 143% since the beginning of January 2020. [Source: Florida Health Office of Medical Marijuana Use]
Who has been the main beneficiary of this trend? Well, keeping with the Florida theme, it’s Trulieve Cannabis Corp (OTCMKTS:TCNNF). The medical cannabis company just announced another massive quarter – reporting strong consecutive revenue growth with raised guidance.
Trulieve is up 79% YTD. If you feel you may have missed some of the value then there might also be another way to play this move into cannabis. For example, if gold is hot, it may be time to look at the shovels. Meaning we can profit from smaller sub-components which support the main investment thesis.
Written by James West.
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